Neoliberalism or neo-liberalism is a form of Liberalism that tends to favour free-market economics and free market capitalism. Neoliberalism is basically a term for economic liberalism. Neoliberalism calls for economic liberalization, free trade and open markets. Neoliberalism was introduced by liberal scholars to promote a new form of economic, political and societal liberalism. Neoliberalism is the doctrine that market exchange is an ethic in itself, capable of acting as a guide for all human action, and has become dominant in both thought and practice throughout much of the world since about 1970. Anchored in the principles of the free-market economics, "neo-liberalism" has been associated with such different political leaders as Ronald Reagan, Tony Blair, Augusto Pinochet, and Junichiro Koizumi.
Market economies may include hypothetical laissez-faire, free market, regulated markets and interventionist variants. What distinguishes Classical Liberalism, neoliberalism and ordoliberalism is the approach to the freedom of the individual. During the late 1990s, neoliberalism emerged as the world's dominant economic paradigm, stretching from the Anglo-American heartlands of capitalism to the former communist bloc. In the Financial meltdown and environmental disaster neoliberalism has played its part. Therefore, neoliberalism has been discredited as the global economy, built on its principles, has been shaken to its core by the worst financial calamity since the 1930s. Three senior economists at the IMF, an organisation not known for its incaution, published a paper questioning the benefits of neoliberalism.
Neoliberalism: A Very Short Introduction
A Brief History of Neoliberalism
The Crisis of Neoliberalism
Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown.